By Eddah Waithaka
150 pension trustees and industry leaders were in Nanyuki to attend the 9th Annual Pension Trustees Conference organized by Minet. The Conference was held under the theme, “Moving the Needle – Disruptive Innovation in Amplifying the Reach of Pension Funds.”
Speaking during the opening of the Conference, Minet Kenya’s Employee Benefits Director, Ms. Lydiah Macharia said this year’s conference aimed to spark dynamic conversations on how pension trustees can leverage innovation to ensure sustainable growth and better returns for pension in order to improve the fortunes of the pension industry.
Among the key topics of discussion at the Conference were the evolving regulatory landscape and its impact on pension policies, alternative investment opportunities including Renewable Energy Investments to enhance fund growth, as well as the role of AI and digital transformation in driving operational efficiency and inspiring new growth avenues.
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She said, “This conference is by no means a silver bullet. At the very best, it is a trigger designed to help us revisit our modus operandi, and intentionally sharpen all the tools in our arsenal to push us to adopt a flight path that will ultimately translate to better outcomes for our members and create mutually beneficial support systems and relationships that will see us successfully “over the ridge.”
The Conference’s attendees are expected to takeaway actionable insights to empower trustees with practical strategies to diversify portfolios, embrace technology, and navigate regulatory complexities with confidence.
Making his keynote address at the Conference, Retirement Benefits Authority (RBA) Chief Executive Officer, Mr. Charles Machira challenged trustees to take a proactive role in shaping the future of pension fund investments, stating:”Trustees must be bold in exploring new frontiers while ensuring compliance and transparency to protect member interests.”
His statement comes against the backdrop of the achievement of a 15 percent growth rate in 2024, resulting in a growth in the country’s Pension Industry’s Assets to KShs. 1.978 trillion as at June 2024.
Kenya’s Pension Coverage is currently estimated at 26% with an active membership of 3.45 million people.Kenya’s Pension industry has also recently benefited from a number of legislative reforms that include tax exemption on retirement benefits for retirees who reach retirement age or withdraw early due to ill health, as well as a 50 percent increase in the upper limit for Tax-Free Pension Contributions to Kshs. 30,000 per month (Kshs. 360,000 per annum).
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